Valeant Pharmaceuticals International has entered into a definitive agreement to acquire Obagi Medical Products. Under the terms of the agreement, Valeant will acquire all of the outstanding common stock of Obagi Medical Products for $19.75 per share in cash. The transaction is expected to close in the first half of 2013.
Obagi Medical Products is a leader in topical aesthetic and therapeutic skin-health systems with a product portfolio that includes leading dermatology brands including Obagi Nu-Derm, Condition & Enhance, Obagi-C Rx, ELASTIDerm and CLENZIDerm.
“The acquisition of Obagi will be a valuable supplement to Valeant’s current dermatology portfolio and will further build upon our growing aesthetics franchise,” said J. Michael Pearson, chairman and CEO of Valeant. “Obagi is a leader in the physician-dispensed market and enjoys a strong brand perception among physicians. The addition of their products will not only strengthen and diversify our dispensed portfolio, but also expand our market presence with dermatologists and plastic surgeons."